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     FrontPage Edition: Mon 18 February 2008

Release of 4th quarter 2007 public housing data

Source: www.hdb.gov.sg

Release of 4th Quarter 2007 Public Housing Data
 
This press release provides housing data for the HDB Resale and Rental Markets based on transactions in 4th Quarter 2007.
HDB Resale Market
HDB’s Resale Price Index (RPI) rose by 5.7% in 4th Quarter 2007 over the previous quarter, with price increases across most flat types and towns.
For the whole of 2007, the HDB RPI increased by 17.5%. Please see Annexes A-1 and A-2 for the RPI series and Annex B for the median transacted prices of resale flats by town and flat type Transacted prices of individual flats (by block and flat type) can be found on HDB website and detailed online enquiries can be made at http://www.hdb.gov.sg/bb33/ispm051p.nsf. in 4th Quarter 2007.
Resale transactions decreased by about 13% from 7,700 cases in 3rd Quarter 2007 to about 6,700 cases in 4th Quarter 2007 (see Annex C).
The median Cash-Over-Valuation (COV) amount among all resale transactions in 4th Quarter 2007 was $22,000 (see Annex D). This is an increase compared with the COV of $17,000 in 3rd Quarter 2007.
The rate of change in COV has slowed in recent months from 9% in Oct, to 5% in Nov and -4% in Dec. Cases requiring COV constituted 86% of all resale transactions in this quarter, with 14% of resale transactions (or about 900 flats) conducted at or below valuation.
Resale flats transacted at or below valuation are located across various HDB towns, and 18 out of the 26 HDB towns/estates had more than 10% of resale transactions conducted at or below valuation.
Upcoming Supply of New Flats for Sale
For the 1st half of 2008, HDB is planning to offer about 4,500 new flats under the BTO system, and release 3 DBSS sites in Simei, Toa Payoh and Bedok (with an estimated yield of about 1,500 units).
This new flat supply will be in addition to flats offered under other sales exercises, such as Balloting Exercises for surplus SERS flats, and the regular Bi-monthly/Monthly sales exercises for unsold flats. The details of the BTO projects and DBSS sites will be announced at the time of launch. HDB will continue to monitor the market situation closely, to ensure that there is an adequate and affordable supply of public housing.
HDB Rental Market
In tandem with higher rents for private residential properties, sublet rents for HDB flats rose in 4th Quarter 2007. Please see Annex E for the median subletting rents of HDB flats, by town and flat type.
In 4th Quarter 2007, 3,300 HDB flat owners were given approval to sublet their flats (see Annex F). The total number of HDB flats approved for subletting rose to about 17,400 units, compared to about 16,200 units in 3rd Quarter 2007.
In addition to the flats leased by individual flat owners under the Approved Subletting Scheme, HDB currently leases out about 1,700 vacant flats to the general public through appointed managing agents. Most of these flats were rental flats that had been vacated by the former tenants under Transitional Rental Housing Scheme and Dormitory Housing Scheme.
HDB has also embarked on a special pilot project to lease out the flats vacated under the Selective En bloc Redevelopment Scheme (SERS) at Blocks 1, 3, 5, 7 and 9 Tiong Bahru Road to the general public through a master tenant.
The project would put the vacated SERS flats to better use in the interim period and augment the supply of flats to meet some of the strong demand for rental housing. Given the positive response to the pilot project, HDB is looking into expanding the scheme to implement more of these projects on a selective basis.
The quarterly updates for the data in Annexes A to F can be accessed from HDB InfoWEB at http://www.hdb.gov.sg.
More.....

Source: www.hdb.gov.sg Press Release 25 Jan 2008

Related Article:
- HDB releases public housing data for 3Qtr 2007

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